Posted by Bob Smith on June 06, 2007 at 16:01:07:
I would argue that “corporate welfare” is not a problem of capitalism, inasmuch as “corporate welfare” isn’t capitalist. Corporate welfare exists because the US is insufficiently capitalist and is a side effect of the excessive and inappropriate regulatory power of government. Companies wouldn’t try to curry favors for themselves and hindrances for their competitors if government didn’t have the power to offer them.
We Don’t Need No Stinkin’ Investors! - Posted by Curt Dalton
Posted by Curt Dalton on June 01, 2007 at 12:59:01:
Massachusetts yet again, sets itself apart from the rest of the country!
http://www.boston.com/business/ticker/2007/06/foreclosure_res.html
Re: We Don’t Need No Stinkin’ Investors! - Posted by Tim
Posted by Tim on June 02, 2007 at 16:20:36:
“Coakley said she would seek comments from the public over the next 28 days for proposals to make it illegal for lenders to inflate a borrower’s income on their mortgage application, to make mortgages that borrowers clearly cannot pay; and to provide credit when it is not in the interest of the homebuyer or an existing homeowner who is refinancing a property.”
Am I the only one that read the last paragraph? She wants to make the LENDER determine if it’s in the interest of the borrower to get a loan or refinance? I guess we also need to have someone decide if it’s in their best interest to use a credit card, or buy a car. Maybe we need to check that they wear a condom, because it might not be in their best interest to have kids. That’s right, protecting people from making mistakes is the only way to teach them to be responsible for their own actions.
Re: We Don’t Need No Stinkin’ Investors! - Posted by Eric in FL
Posted by Eric in FL on June 02, 2007 at 14:53:04:
I once heard Pete Fortunato (from Boston) say something I will never forget. “Massachusetts is too small to be a country and too large to be labeled an insane asylum!”. We should just annex the state into France now and get it over with. My apologies to all of you that live in the western part of the state and don’t seem to embrace socialism.
Best Regards,
Eric in FL
Re: We Don’t Need No Stinkin’ Investors! - Posted by keith hutson
Posted by keith hutson on June 02, 2007 at 09:44:04:
maybe there is another way to look at it. The banks will take back the properties in large numbers, then they’ll be forced to take much less to protect their ledger.
Just a thought. I agree, the liberals are destroying this country. If they see a way to prevent capitalism they will stand in the way evertime.
Heck, maybe they’ll tryo to outlaw making a profit in real estate in general.
Keith
When’s the last time…? - Posted by JT-IN
Posted by JT-IN on June 01, 2007 at 14:50:16:
When’s the last time you saw any EQUITY IN a property that has a sub-prime mtg…? Uh… yea, I remember, that was right after I saw that buffalo flying across the sky…
Duh, the mere inference that the homeowner is being harmed by someone stealing what doesn’t exist is laughable. Down right political drum beating is what it is… “Look at what I am doing to protect these poor victims…” “Don’t forget to Vote for me next time…” Phooey. Argh, gag, vomit.
Re: We Don’t Need No Stinkin’ Investors! - Posted by Colin Bochicchio
Posted by Colin Bochicchio on June 01, 2007 at 14:06:21:
Great story and that is why how you conduct your business in this business is paramount to you success or failure. These type of actions being taken by the state’s attorney generals is becoming more prevelant as these rates of foreclosure properties is on the rise.
I feel very good about how I invest in real estate in protecting all parties in a transaction and whatever you do do not say you are foreclosure consultants or things of that natue since you will open the door to litigation and problems…
Curt not all invsetors operate this way only a handful of the unethical ones and i ran across a few of them myself.
As long as you are following federal and your state laws you should be good to go… in any transaction.
Feel free to email me at coltrust07@gmail.com if you like to learn how to invest safely and ethically.
Re: We Don’t Need No Stinkin’ Investors! - Posted by David C. Cooper
Posted by David C. Cooper on June 01, 2007 at 14:03:31:
Let me get this straight. Lenders approve loans that any responsible borrower would laugh at to people with poor credit, knowing full well the borrower will not be able to maintain payments when the rates go up. Yet, the investors who save the borrower from forclosure AND pay the lender off releasing them from a non performing loan is the criminal?
Ayn Rand was right.
Where is John Galt?
Re: We Don’t Need No Stinkin’ Investors! - Posted by Sean
Posted by Sean on June 04, 2007 at 13:08:22:
Uh, thats how sound banking policy works. It should be the policy of the lender to NEVER make a loan that a borrower could not pay back, it would be in their own self preservation to do so!
However thanks to PMI and such the lenders don’t give a darn, you get in a loan you can’t pay? Who cares… PMI will pay me off, I’ll sell the house, collect my PMI and STILL go after you for the paper discrepency between sale price and owed, even though PMI you paid for made me whole.
It always amazes me how banks get away anymore ignoring the most fundamentals of their own survival because they know they can get Mr Government to bail them out when they screw up.
Re: We Don’t Need No Stinkin’ Investors! - Posted by ala
Posted by ala on June 02, 2007 at 10:47:21:
If you guys had the right paperwork and explained to the homeowner what you were going to do with their property, short sale or whatever, than there would never be a problem in the first place. Get a disclosure saying that you are not making them any promises and everything should be fine. Do your homework and be a let more honest with the homeowner. Just like a republican to not tell the truth. IRAQ-weapons of mass destruction.
Re: We Don’t Need No Stinkin’ Investors! - Posted by alan
Posted by alan on June 02, 2007 at 10:34:35:
I thought this was a real estate posting board, not one where you talk about your political beliefs. You should keep your political views to yourself, right wing republicans like yourself have nothing better to do than sit online and moan hoping someone will listen to them. Get a life.
Re: We Don’t Need No Stinkin’ Investors! - Posted by Curt Dalton
Posted by Curt Dalton on June 01, 2007 at 14:24:48:
Colin,
Thanks for the help but I’ve done fine by myself for eons now.
I merely posted this show how the dang liberals are destroying our country bit by bit.
Re: We Don’t Need No Stinkin’ Investors! - Posted by Rich-CA
Posted by Rich-CA on June 01, 2007 at 14:18:08:
I would add, that as long as we put ourselves in the other person’s shoes and are satisfied that if we were treated that way, we’d be OK with it (I mean an honest evaluation, not a self justification), most pitfalls caused by our actions can be sidestepped.
Ayn Rand was right? Of course! - Posted by Farlee
Posted by Farlee on June 02, 2007 at 12:42:40:
When has Ayn Rand ever been wrong? Unfortunately, in this country, everyone has a right to vote. So, its a matter of who can take the most from everyone else, instead of forcing people to put up or shut up and put their money where their mouth is.
As Murray Rothbard once said, whenever you hear a politician refer to “we” or “us”, it really means that politcian and YOUR money. There’s no WE involved. Grab your wallet and run!
complicated issue with many faults… - Posted by lukeNC
Posted by lukeNC on June 05, 2007 at 11:54:26:
Why make a loan to someone who can’t afford it? Take a magnifying glass and look closely. The person at that lender or a mortgage broker who set up the loan is probably someone who may not have much recourse come back on them. They’re just trying to get paid for preparing that loan and move on.
I look at the subprime meltdown and thats all it is. I’ll bet hundreds of loan officers made their little $500-$600 per loan and have already moved on, leaving the mess for the rest of us to clean up.
Then you’ve got legislators wanting to look good jumping on the issue.
Re: We Don’t Need No Stinkin’ Investors! - Posted by Sean
Posted by Sean on June 04, 2007 at 13:10:11:
Not to degrade into a political discussion, but a 16 count bribery indictment sure blows wholes in the “ethical congress” argument the dems were making.
Re: We Don’t Need No Stinkin’ Investors! - Posted by keith
Posted by keith on June 02, 2007 at 11:07:28:
Sorry, but it’s a fact of life. Why do you think there are lobbyists on the state and local level on either side, for or against policies.
My concern is that if, in the political process lawmakers see “anything” one does, they can pass a laws that prevent you from talking to someone in foreclosure. And dont’ think it can’t happen, it can. I am very, very close to lawmakers in local, state AND national level that says Yes, it can happen.
So, don’t think I’m belly aching, it can happen. If people don’t write their lawmakers and explain that most people are not out to “steel” equity this can be a problem. Many lawmakers don’t look at the big picture, they just seem to think that many investors are sharks, when in most cases it’s in the best interest of the homeowner to let the investor help.
Keith
Re: complicated issue with many faults… - Posted by Sean
Posted by Sean on June 06, 2007 at 07:26:47:
And that’s the fault of the lender not doing its due dilligence on the brokers, and the loans. Banks have given up any credibility on sanity or being responsible lenders of money.
The most marketed commodity in america today is DEBT, in a nation of about 300 Million people, more than 6 Billion solicitations to borrow are mailed out every year. That’s 20 offers for every man woman and child in the country, and that’s just MAILED solicitations.
There was a time it was in a lenders own self interest to make sure they did not loan money that could not be repaied… now that check is gone from the system. Who cares if they can repay or not, we’ll just buy a new bill if we don’t already have one, or petition for a bailout.
Hell if the US government will bail out the mexican economy at the urgy of wall street, they have nothing to worry about.
Re: complicated issue with many faults… - Posted by lukeNC
Posted by lukeNC on June 06, 2007 at 13:52:49:
yep… i totally agree.
corporate welfare is the biggest problem in capitalism.